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EU card fraud dropped to lowest level in 2021 after updates to payments rules, ECB says

( May 26, 2023, 10:52 GMT | Official Statement) -- MLex Summary: Card fraud in the EU fell to its lowest level in 2021 since data collection began in 2008, the European Central Bank has said in an annual report. The level of the bloc's card fraud was 0.028 percent of the total value of card payments made using cards issued in the Single Euro Payments Area, the ECB said. Regulatory updates contributed to the drop in fraud levels, such as the introduction of secure customer authentication for transactions and industry standards, which reduce opportunities for magnetic stripe counterfeit fraud, it said.Statement follows. The report is available here. ...

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